SA’s middle-class embraces digital banking

Digital banking channels are gaining traction among the middle-class in SA, along with a need for personalised banking solutions instead of a one-size-fits-all approach.

These are some of the key findings from research conducted by First National Bank (FNB) among its premier clients who earn between R350 000 and R750 000 annually before tax.

“Traditional methods of banking as we know them are fast-evolving. While banks have the banking expertise, clients are setting the pace and we follow them quite closely to ensure we understand their needs,” says Lynette Kloppers, CEO of FNB Premier.

“Consumers now require services that are available around the clock and can be accessed from anywhere in the world. About 78% of those surveyed said they preferred conducting banking via online platforms because it’s convenient and easy to access.”

The survey found this is very important to this group; 76% are married and 52% have children that are financially dependent on them. Retirement planning also takes centre stage, as a majority said they would like to retire comfortably

The findings of the survey point to specific developing trends, such as the requirement for a bank that takes the future needs of the client into consideration, says FNB.

Beyond future plans, there are notable lifestyle preferences that are important for this market, it notes, adding these include local family holidays, overseas trips and dining out. Despite having a propensity to spend on leisure, the bank says this group is equally aware of the need to curb over-indebtedness through saving.

“The outcomes of the research point to the fact that consumers need banking products that are suited to their lifestyles,” Kloppers notes.

“Consumers are pressed for time and have a preference for DIY transacting such as using banking apps,” she conclude

1 COMMENT

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